Ethereum dropped below $2,000 this week for the first time since March, deepening a 15% monthly decline and trading 60% below its all-time high. The slide occurred as BitMine Immersion Technologies, chaired by Tom Lee, scooped up 26,497 ETH worth $52 million last week to push its holdings toward 5% of the circulating supply.
BitMine's Quiet Run
BitMine now holds 5.42 million ETH after last week’s purchase, representing 4.48% of Ethereum’s total supply. The company’s treasury has grown to $10.6 billion in ETH alongside $446 million cash. They’re closing in on their 5% target without making a public spectacle of it.
Lee's Counterargument
Tom Lee called current ETH prices ‘not reflective of strengthening Ethereum fundamentals’ and said markets are in the ‘early stages of crypto spring.’ He sticks to a $7,000–$9,000 price target for 2026, with a longer-term $20,000 thesis. Standard Chartered’s $7,500 projection aligns with his bullish view despite the recent drop.
Where the Lines Are Drawn
Technical analysts point to $1,530 as the next critical downside level. Breaking that could mean more pain. But $2,500 is the number bulls need to reclaim for any meaningful reversal. Right now, the price is stuck in the middle of both thresholds.
The next catalyst arrives in July when Ethereum’s network upgrade goes live. How the market reacts to that upgrade will likely settle the current battle between buyers and sellers.
